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In 1980, Chile dramatically reformed its retirement system, replacing what was an old insolvent PAYGO program with a new structure that relies heavily on funded defined contribution individual accounts. In addition, eligibility and benefit requirements were standardized, and a safety net for old-age poverty was strengthened. Twenty-five years after this reform, the Chilean model is being re-assessed, in terms of coverage, contribution, investment, and retirement benefit outcomes. This paper introduces a recently-developed longitudinal survey of individual respondents in Chile, the Social Protection Survey (or Encuesta de Previsión Social, EPS), and illustrates some uses of this survey for microeconomic analysis of key aspects of the Chilean system.
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Copyright 2006 © Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.
This paper was presented at a conference co-sponsored in March of 2006 by the Federal Reserve Bank of Atlanta, Instituto Tecnológico Autónomo de México, and the Pension Research Council, entitled “Lessons from Pension Reform in the Americas”. The authors acknowledge research support from NIA grant AG023774-01; a grant from the Mellon Foundation to the Population Studies Center on Latin American demographic issues; awards from the Population Aging Research Center (PARC) of the University of Pennsylvania Population Studies Center, and the Boettner Center for Pensions and Retirement Security and Pension Research Council at the University of Pennsylvania. Opinions and errors are solely those of the authors and do not reflect views of the institutions supporting the research nor with whom the authors are affiliated. @Arenas, Behrman, Bravo, Mitchell, and Todd.
Date Posted: 28 August 2019